‘They’re cheaper’ -- DMO says Nigeria reducing debt service cost by accessing World Bank loans | TheCable

Recently, Zainab Ahmed, minister of finance, budget and national planning,

The DMO said loans such as the post-subsidy palliative fund from the bank come from the International Development Association and the International Bank for Reconstruction and Development ., with a portfolio worth $12.57 billion. “Whilst these figures are correct for IDA loans only, it is actually a positive development contrary to the narrative in the media reportsIDA loans are concessional, that is, they allow low charges and are for very long tenors in some cases, exceeding 30 years.“By accessing IDA funding, the government is actively reducing debt service costs, since non-concessional funding is usually more expensive.

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Nigeria’s N6Trillion Indebtedness To World Bank Is Positive, A Plus For Country, Says Debt Management Office | Sahara ReportersThe Debt Management Office (DMO) has confirmed that Nigeria owes the World Bank up to N6 trillion as reported in the media but added that debt is a positive thing. In a statement released on Tuesday, DMO noted that loans from the World Bank come from the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD), and that the IDA loans are a positive development for Nigeria.
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